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RBF projects 2.4 percent growth

 

Oct 03, 2016 08:01:06 PM

RBF projects 2.4 percent growth The Fijian economy is projected to grow for the seventh consecutive year despite the natural disasters, says Reserve Bank of Fiji Governor Barry Whiteside.

Mr Whiteside said the current forecast for 2016 is 2.4 percent and work is continuing on evaluating the growth figure taking into account the impact of rehabilitation work after the natural disasters and the impact of announcements in the National Budget.

“Financial conditions have been largely favourable given ample liquidity in the banking system and low interest rates which have supported economic growth.”

“The financial system remained sound, backed by adequate earnings, capital, liquidity positions and asset quality for commercial banks, insurance companies and credit institutions. However, general insurance companies were affected due to the catastrophic events earlier in the year.”

Mr Whiteside said despite the various setbacks earlier in the year with Tropical Cyclone Winston and the floods associated with TC Zena, the RBF achieved its key objectives of an adequate level of foreign reserves and low inflation.

The inflation rate at the end of July was 5.5 percent and in part was driven by supply conditions of market items due to the impact of Tropical Cyclone Winston.

It however, is expected to fall to around 3.5 percent by the end of the year.

The foreign reserves objective was attained with holdings at the end of July of $1.9 billion, sufficient to cover 5.5 months of imports.

By Reginald Chandar

Rythm

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